KEY EVENTS TO WATCH FOR:
Wednesday, April 1, 2020
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 758.4)
Composite Idx, W/W% (previous -29.4%)
Purchase Idx-SA (previous 237.4)
Purchase Idx-SA, W/W%
Refinance Idx (previous 3809.3)
Refinance Idx, W/W% (previous -33.8%)
8:15 AM ET. March ADP National Employment Report
Private Sector Jobs, Net Chg (expected -263000; previous +183000)
9:45 AM ET. March US Manufacturing PMI
PMI, Mfg (previous 50.7)
10:00 AM ET. March ISM Manufacturing Report on Business
Manufacturing PMI (expected 44.0; previous 50.1)
Prices Idx (previous 45.9)
Employment Idx (previous 46.9)
Inventories (previous 46.5)
New Orders Idx (previous 49.8)
Production Idx (previous 50.3)
10:00 AM ET. February Construction Spending - Construction Put in Place
New Construction (expected +0.7%; previous +1.8%)
Residential Construction
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 455.36M)
Crude Oil Stocks, Net Chg (Bbl) (previous +1.623M)
Gasoline Stocks (Bbl) (previous 239.282M)
Gasoline Stocks, Net Chg (Bbl) (previous -1.537M)
Distillate Stocks (Bbl) (previous 124.442M)
Distillate Stocks, Net Chg (Bbl) (previous -0.678M)
Refinery Usage (previous 87.3%)
Total Prod Supplied (Bbl/day) (previous 19.4M)
Total Prod Supplied, Net Chg (Bbl/day) (previous -2.077M)
11:00 AM ET. March Global Manufacturing PMI
PMI, Mfg (previous 47.2)
2:00 PM ET. SEC Closed Meeting
16:00 PM ET. March Domestic Auto Industry Sales
Thursday, April 2, 2020
7:30 AM ET. March Challenger Job-Cut Report
Job Cuts, M/M% (previous -16.4%)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 1897.2K)
Soybeans (Metric Tons) (previous 904.8K)
Wheat (Metric Tons) (previous 1106.5K)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 2650K; previous 3283K)
Jobless Claims, Net Chg (previous +3001K)
Continuing Claims (previous 1803000)
Continuing Claims, Net Chg (previous +101K)
8:30 AM ET. February U.S. International Trade in Goods & Services
Trade Balance (USD) (expected -39.3B; previous -45.34B)
Exports (USD) (previous 208.57B)
Exports, M/M% (previous -0.4%)
Imports (USD) (previous 253.91B)
Imports, M/M% (previous -1.6%)
9:45 AM ET. Bloomberg Consumer Comfort Index
9:45 AM ET. March ISM-NY Report on Business
Business Index (previous 51.9)
10:00 AM ET. February Manufacturers' Shipments, Inventories & Orders (M3)
Total Orders, M/M% (expected +0.3%; previous -0.5%)
Orders, Ex-Defense, M/M% (previous +1.3%)
Orders, Ex-Transport, M/M% (previous -0.1%)
Durable Goods, M/M% (previous -0.2%)
Durable Goods, M/M%
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 2005B)
Working Gas In Storage, Net Chg (Cbf) (previous -29B)
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Money Stock Measures
4:30 PM ET. Federal Discount Window Borrowings
Friday, April 3, 2020
8:30 AM ET. March U.S. Employment Report
Non-Farm Payrolls (expected -56K; previous +273K)
Unemployment Rate (expected 3.7%; previous 3.5%)
Avg Hourly Earnings (USD) (previous 28.52)
Avg Hourly Earnings-Net Chg (USD) (previous +0.09)
Avg Hourly Earnings, M/M% (expected +0.3%; previous +0.32%)
Avg Hourly Earnings, Y/Y% (expected +3.0%; previous +3.0%)
Overall Workweek (previous 34.4)
Overall Workweek Net Chg (previous +0.1)
Government Payrolls (previous +45K)
Private Payroll (previous +228K)
Participation Rate (previous 63.4%)
Non-Farm Payrolls Bench Net Chg
9:45 AM ET. March US Services PMI
PMI, Services (previous 49.4)
10:00 AM ET. March ISM Non-Manufacturing Report on Business
Non-Mfg Composite Idx (expected 45.7; previous 57.3)
Non-Mfg Business Idx (previous 57.8)
Prices Idx (previous 50.8)
Employment Idx (previous 55.6)
New Orders Idx (previous 63.1)
11:00 AM ET. March Global Services PMI
PMI, Services (previous 47.1)
Monday, April 6, 2020
8:30 AM ET. Annual Advance GDP by Industry
10:00 AM ET. March Employment Trends Index
ETI (previous 108.96)
ETI, Y/Y%
N/A World Strategic Forum commences
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow closed lower on Tuesday after economic data including a survey of the Chinese manufacturing sector came in above expectations, although concerns remained over the coronavirus epidemic during the final trading session of the first quarter. The low-range close that sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 22,282.24 are needed to confirm that a short-term low has been posted. Closes below the 10-day moving average crossing at 20,834.15 would temper the near-term friendly outlook. If the Dow renews the decline off February's high, the November-2016 low crossing at 17,883.56 is the next downside target. First resistance is the 20-day moving average crossing at 22,282.24. Second resistance is the March 12th gap crossing at 23,328.32. First support is the 10-day moving average crossing at 20,834.15. Second support is last-Monday's low crossing at 18,213.65. Third support is the November-2016 low crossing at 17,883.56.
The June NASDAQ 100 closed lower on Tuesday as it consolidates some of the rally off March's low. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Thursday's high crossing at 7893.50 are needed to confirm that a short-term low has been posted. If June resumes the decline off February's high the January-2019 low on the weekly continuation chart crossing at 6616.75 is the next downside target. First resistance is the 50% retracement level of the February-March-decline crossing at 8208.09. Second resistance is the 50-day moving average crossing at 8620.46. First support is last-Thursday's low crossing at 7310.25. Second support is last-Monday's low crossing at 6628.75.
The June S&P 500 closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 2594.06 would confirm that a short-term low has been posted. If March resumes the decline off February's high, the 50% retracement level of the 2009-2020-rally crossing at 2028.01 is the next downside target. First resistance is the 20-day moving average crossing at 2594.06. Second resistance is the 50% retracement level of the February-March-decline crossing at 2780.02. First support is the 10-day moving average crossing at 2449.78. Second support is last-Monday's low crossing at 2174.90. Third support is the 50% retracement level of the 2009-2020-rally crossing at 2028.01.
INTEREST RATES? http://quotes.ino.com/ex?changes/?c=interest ""
June T-bonds closed up 23/32's at 180-01.
June T-bonds closed slightly higher on Tuesday.The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March's low, March's high crossing at 191-22. Closes below the 20-day moving average crossing at 177-08 would signal that a short-term top has been posted. If June resumes the decline off March's high, the 50-day moving average crossing at 168-18 is the next downside target. First resistance is last-Monday's high crossing at 182-21. Second resistance is March's high crossing at 191-22. First support is the 20-day moving average crossing at 177-08. Second support is the 50-day moving average crossing at 168-18.
June T-notes closed up 155-pts. at 138.290.
June T-notes closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March's low, March's high crossing at 140.240 is the next upside target. Closes below the 20-day moving average crossing at 137.051 would signal that a short-term top has been posted while opening the door for a possible test of the 50-day moving average crossing at 133.229. First resistance is Monday's high crossing at 139.125. Second resistance is March's high crossing at 140.240. First support is the 20-day moving average crossing at 137.051. Second support is the 50-day moving average crossing at 133.229.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
May crude oil closed slightly higher on Tuesday after losing more than half of their value this month over concerns over energy demand due to restrictions set in place to avoid the spread of COVID-19.The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends this year's decline, the October-1998 low on the monthly continuation chart crossing at $17.12 is the next downside target. Closes above the 20-day moving average crossing at $29.30 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $23.04. Second resistance is the 20-day moving average crossing at $29.30. First support is Monday's low crossing at $19.27. Second support is the October-1998 low on the monthly continuation chart crossing at $17.12.
May heating oil closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night trading session begins. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If May resumes this year's decline, the January 2016 low on the weekly continuation chart crossing at $84.87 is the next downside target. Closes above the 20-day moving average crossing at $114.64 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $114.64. Second resistance is the March 9th gap crossing at $137.81. First support is March's low crossing at $94.30. Second support is weekly support crossing at $84.87.
May unleaded gas closed slightly lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 86.15 are needed to confirm that a short-term low has been posted. If May resumes the decline off February's high, monthly support crossing at 32.40 is the next downside target. First resistance is the reaction high crossing at 76.12. Second resistance is the 20-day moving average crossing at 86.15. First support is March's low crossing at 46.05. Second support is monthly support crossing at 32.40.
May Henry natural gas closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May renews the decline below weekly support crossing at 1.611, it would open the door for additional weakness near-term. Closes above the 20-day moving average crossing at 1.773 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 1.773. Second resistance is the 50-day moving average crossing at 1.864. First support is March's low crossing at 1.587. Second support is weekly support crossing at 1.530.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The June Dollar closed slightly higher on Tuesday as it consolidates some of the decline off March's high. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 98.43 would open the door for a larger-degree decline into early-April. Closes above the 10-day moving average crossing at 101.03 would temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at 101.03. Second resistance is March's high crossing at 103.96. First support is the 50-day moving average crossing at 98.43. Second support is the 75% retracement level of March's rally crossing at 96.89.
The June Euro closed lower on Tuesday as it consolidates some of the rally off March's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March's low, the March 16th high crossing at 112.78 is the next upside target. Closes below the 10-day moving average crossing at 109.35 would confirms that a short-term top has been posted. First resistance is the March 16th high crossing at 112.78 is the next upside target. Second resistance is March's high crossing at 115.45. First support is the 10-day moving average crossing at 109.35. Second support is March's low crossing at 106.71.
The June British Pound closed slightly lower on Tuesday but remains above the 20-day moving average crossing at 1.2336. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March's low, the 50-day moving average crossing at 1.2748 is the next upside target. Closes below the 10-day moving average crossing at 1.1966. First resistance is the 50% retracement level of the December-March-decline crossing at 1.2505. Second resistance is the 50-day moving average crossing at 1.2748. First support is the 10-day moving average crossing at 1.1966. Second support is March's low crossing at 1.1438.
The June Swiss Franc closed lower on Tuesday as it consolidates some of the rally off March's low. The mid-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March's low, the March 16th high crossing at 1.0698 is the next upside target. Closes below the 10-day moving average crossing at 1.0334 would confirm that a short-term top has been posted. First resistance is the March 16th high crossing at 1.0698. Second resistance is March's high crossing at 1.0943. First support is the 10-day moving average crossing at 1.0334. Second support is March's low crossing at 1.0138.
The June Canadian Dollar closed higher on Tuesday.The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 71.46 would open the door for a larger-degree rally into early-April. If June renews the decline off January's high, the January-2016 low on the monthly continuation chart crossing at 68.09 is the next downside target. First resistance is the 20-day moving average crossing at 71.46. Second resistance is the 50% retracement level of the January-March-decline crossing at 72.71. First support is March's low crossing at 68.20. Second support is the January-2016 low on the monthly continuation chart crossing at 68.09.
The June Japanese Yen closed slightly higher on Tuesday as it test resistance marked by the 20-day moving average crossing at 0.0933. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 0.0933 are needed to confirm that a short-term low has been posted. If June resumes the decline off March's high, February's low crossing at 0.0897 is the next downside target. First resistance is the 20-day moving average crossing at 0.0933. Second resistance is March's high crossing at 0.0992. First support is March's low crossing at 0.0900. Second support is February's low crossing 0.0897.
PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""
April gold closed lower on Tuesday as it extended the decline off last-Wednesday's high. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 10-day moving average crossing at $1580.40 are needed to confirm that a short-term top has been posted. If April renews the rally off March's low, March's high crossing at $1704.30. First resistance is last-Wednesday's high crossing at $1699.30. Second resistance is March's high crossing at $1704.30. First support is the 10-day moving average crossing at $1580.40. Second support is March's low crossing at $1450.90.
May silver closed slightly lower on Tuesday as it consolidates some of the rally off March's low. The low-range close set the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 14.772 are needed to confirm that a short-term low has been posted. If May resumes the decline off February's high, weekly support crossing at 8.400 is the next downside target. First resistance is the 20-day moving average crossing at 14.772. Second resistance is the 50-day moving average crossing at 16.614. First support is the 10-day moving average crossing at 13.681. Second support is March's low crossing at 11.640.
May copper closed higher on Tuesday as it extends the rally off March's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 232.74 are needed to confirm that a short-term low has been posted. If May resumes this year's decline, the January-2016 low on the monthly continuation chart crossing at 193.55 is the next downside target. First resistance is today's high crossing at 224.80. Second resistance is the 20-day moving average crossing at 232.75. First support is March's low crossing at 197.25. Second support is theJanuary-2016 low on the monthly continuation chart crossing at 193.55.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
July Corn closed down $0.01-cents at 3.46 1/2.
July corn closed lower on Tuesday following today's quarterly grain stocks and planting intentions report. The USDA estimated the quarterly grain stocks at 7.95 billion bushels, which was below pre-report estimates. This report was turned friendly. However, the planting intentions report showed just short of 97 million acres is expected to be planted compared with the pre-report estimate of 94.33 million bushels. After an early sell off the market rebounded and the high-range close sets the stage for a steady to higher opening when Wednesday's night sessions begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If July resumes this year's decline, monthly support crossing at $3.29 3/4 is the next downside target. Closes above the 20-day moving average crossing at $3.61 are needed to confirm that a short-term low has been posted. First resistance is last-Thursday's high crossing at 3.56 3/4. Second resistance is the 20-day moving average crossing at $3.61. First support is March's low crossing at $3.38 1/4. Second support is monthly support crossing at $3.29 3/4.
July wheat closed up a $0.04-cents at $5.62 1/4.
July wheat closed higher on Tuesday after today's planted acreage report pegged all-wheat acres to reach an all-time low 44.655 million acres.Wheat stocks fell to 1.412 billion bushels. Year-to-day usage came in at 428 million bushels, which was 3% higher from a year ago. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to lower prices are possible near-term. If July extends the rally off March's low, January's high crossing at $5.89 is the next upside target. Closes below the 20-day moving average crossing at $5.30 1/4 would confirm that a short-term top has been posted. First resistance is last-Wednesday's high crossing at $5.71 1/2. Second resistance is January's high crossing at $5.89. First support is the 50-day moving average crossing at $5.43 1/2. Second support is the 20-day moving average crossing at $5.30 1/4.
July Kansas City Wheat closed up $0.06 3/4-cents at $4.99 1/2.
July Kansas City wheat closed higher on Tuesday. Today's USDA acreage report estimated Hard red winter wheat 21.7 million acres. The high-range close sets the stage for a steady to higher opening when Wednesday night session begins trading. Stochastics and the RSI are overbought but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the rally off March's low, January's high crossing at $5.19 is the next upside target. Closes below the 20-day moving average crossing at $4.66 would confirm that a short-term top has been posted. First resistance is last-Wednesday's high crossing at $5.09 1/4. Second resistance is January's high crossing at $5.19. First support is the 50-day moving average crossing at $4.76 3/4. Second support is the 20-day moving average crossing at $4.66.
July Minneapolis wheat closed up $0.03 1/2-cents at $5.48.
July Minneapolis wheat closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off March's low, February's high crossing at $5.58 3/4 is the next upside target. Closes below the 20-day moving average crossing at 5.32 1/4 would temper the near-term friendly outlook. First resistance is February's high crossing at $5.58 3/4. Second resistance is January's high crossing at $5.82 1/2. First support is the 20-day moving average crossing at $5.32 1/4. Second support is March's low crossing at $5.13 1/2.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
July soybeans closed up $0.02 3/4-cents at $8.89 1/4.
July soybeans closed higher on Tuesday. The USDA estimated planted acreage at 83.51 million bushels, which was below pre-report estimates. The USDA’s quarterly stocks report estimated soybean stocks at 2.253 billion bushels. Disappearance was 1.000 billion bushels, which was 1% behind last year’s pace. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off March's low, March's high crossing at $9.20 1/2 is the next upside target. Closes below the 20-day moving average crossing at $8.74 3/4 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at $8.98. Second resistance is March's high crossing at $9.20 1/2. First support is the 20-day moving average crossing at $8.74 3/4. Second support is March's low crossing at $8.29.
July soybean meal closed down $2.60 at $318.30.
July soybean meal closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $310.40 would confirm that a short-term top has been posted. If July resumes this month's rally, last-May's high crossing at $336.80 is the next upside target. First resistance is last-Tuesday's high crossing at $326.40. Second resistance is last-May's high crossing at $336.80. First support is the 10-day moving average crossing at $316.20. Second support is the 20-day moving average crossing at $310.40.
July soybean oil closed up 19-pts. At 27.42.
July soybean oil closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 27.16 are needed to confirm that a short-term low has been posted. If May renews the decline off January's high, weekly support crossing at 20.70 is the next downside target. First resistance is Monday's high crossing at 27.74. Second resistance is the March 9th gap crossing at 28.89. First support is March's low crossing at 25.02. Second support is weekly support crossing at 20.70.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
April hogs closed down $1.75 at $52.20.
April hogs closed lower on Tuesday as it extended the decline off March's high. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the aforementioned decline, weekly support crossing at $47.83 is the next downside target. Closes above the 50-day moving average crossing at $64.19 would confirm that a short-term low has been posted. First resistance is February's high crossing at $68.25. Second resistance is the 50% retracement level of the 2019-2020-decline crossing at $71.54. First support is today's low crossing at $52.10. Second support is weekly support crossing at $47.83.
April cattle closed up $2.63 at $101.83.
April cattle closed higher on Tuesday as it consolidates some of the decline off last-Wednesday's high. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the aforementioned decline, March's low crossing at $91.08 is the next downside target. If April renews the rally off March's low, the 50-day moving average crossing at $110.71 is the next upside target. First resistance is the 50-day moving average crossing at $111.71. Second resistance is March's high crossing at $112.65. First support is today's low crossing at $97.80. Second support is March's low crossing at $91.08.
May Feeder cattle closed up $2.00-cents at $122.90.
May Feeder cattle closed higher on Tuesday as it consolidated some of the decline off last-Wednesday's high. The high-range close sets the stage for a steady to higher opening when Wednesday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 10-day moving average crossing at $121.13 would temper the near-term friendly outlook. If May resumes the rally off March's low, the 50-day moving average crossing at $133.29 is the next upside target. First resistance is the 50-day moving average crossing at $133.29. Second resistance is March's high crossing at $138.20. First support the 10-day moving average crossing at $121.13. Second support is March's low crossing at $107.47.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
May coffee posted an inside day with a lower close on Tuesday. The mid-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 11.44 would confirm that a short-term top has been posted. If May renews the aforementioned rally, the 75% retracement level of the December-February-decline crossing at 13.33 is the next upside target.
May cocoa closed lower on Tuesday as it extended the trading range of the past two-weeks. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, the October-2018 low crossing at 21.10 is the next downside target. Closes above the 20-day moving average crossing at 23.82 are needed to confirm that a short-term low has been posted.
May sugar closed lower on Tuesday as it renewed the decline off February's high. The low-range close set the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, monthly support crossing at 9.91 is the next downside target. Closes above the 20-day moving average crossing at 11.61 are needed to temper the near-term bearish outlook.
May cotton closed higher on Tuesday as it consolidates some of this year's decline. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off January's high, monthly support crossing at 48.60 is the next downside target. Closes above the 20-day moving average crossing at 56.99 are needed to confirm that a low has been posted.
Thanks tallpine!
Dow futures -400 at the moment.
Latest numbers on the coronavirus:
https://www.marketforum.com/forum/topic/48892/
Warmer weather later this week.
Turning colder in the Midwest after day 10 and increasing precip in week 2...........not what we want to see for early planting of corn. Still lots of time but the corn market may start to get pretty bullish if we end April with wet soils and have a wet forecast for the first half of May.